Tax news and information - Journal of Accountancy

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}); </script> </div> </div> </div> </div> </div> </div> <div class="row clearfix content content-two-col"> <div id="mainbar-top" class="col-sm-8 mainbar mainbar-top"> <div> <div class="main-content-section parsys"><div class="topicslisting section"><div class="topics-listing" data-event=""> <ol class="breadcrumb"> <li> <a href="#">TOPICS</a> </li> </ol> <div class="row"> <div class="col-md-12 article-list"> <h1>Tax</h1> <article id="topic-article"> <div class="date-time" data-time="2025-03-01T05:00:00.000-05:00"></div> <h1><a href="/issues/2025/mar/transfer-pricing-not-just-for-the-tax-department.html">Transfer pricing: Not just for the tax department</a></h1> <p>Financial reporting needs to be given greater attention as the stakes of transfer pricing disputes rise.</p> </article> <article id="topic-article"> <div class="date-time" data-time="2025-03-01T05:00:00.000-05:00"></div> <h1><a href="/issues/2025/mar/fifth-circuit-affirms-denial-of-accountable-care-organizations-tax-exemption.html">Fifth Circuit affirms denial of accountable care organization’s tax exemption</a></h1> <p>Finding that the organization was not operated exclusively for the promotion of social welfare, the Fifth Circuit affirmed the Tax Court’s judgment.</p> </article> <article id="topic-article"> <div class="date-time" data-time="2025-03-01T05:00:00.000-05:00"></div> <h1><a href="/issues/2025/mar/fbar-penalties-are-not-taxes-imposed-by-the-code.html">FBAR penalties are not taxes imposed by the Code</a></h1> <p>Because they are imposed under Title 31, taxpayers’ foreign bank account reporting failure penalties were not subject to the Code’s procedural requirements, the Tax Court held.</p> </article> <article id="topic-article"> <div class="date-time" data-time="2025-03-01T05:00:00.000-05:00"></div> <h1><a href="/issues/2025/mar/frozen-digital-asset-rewards-constitute-gross-income.html">Frozen digital asset rewards constitute gross income</a></h1> <p>Digital asset rewards from staking and other activities constitute income in the year of receipt, irrespective of whether the account is later frozen, the IRS Chief Counsel’s office determined.</p> </article> <article id="topic-article"> <div class="date-time" data-time="2025-03-01T05:00:00.000-05:00"></div> <h1><a href="/issues/2025/mar/line-items.html">Line items</a></h1> <p>Business standard mileage rate increases for 2025 ... Applicability date set for required minimum distribution regulations ... IRS amends rules for computing the premium tax credit ... IRS expands online accounts, provides enforcement update ... Regs. address partnership recourse liabilities, related-party rules ... IRS again delays effective date of $600 threshold for Form 1099-K reporting ... IRS will accept duplicate dependent returns submitted with an IP PIN</p> </article> <article id="topic-article"> <div class="date-time" data-time="2025-03-01T05:00:00.000-05:00"></div> <h1><a href="/issues/2025/mar/the-risk-of-providing-unintentional-financial-advice.html">The risk of providing unintentional financial advice</a></h1> <p>Clients often seek their CPA’s advice on potential investments. Failure to respond properly can leave the CPA subject to lawsuits.</p> </article> <article id="topic-article"> <div class="date-time" data-time="2025-02-28T08:47:00.000-05:00"></div> <h1><a href="/news/2025/feb/fincen-extends-boi-reporting-deadline-halts-enforcement.html">FinCEN extends BOI reporting deadline, halts enforcement </a></h1> <p>The Financial Crimes Enforcement Network said late Thursday that it will extend the current reporting deadline beyond March 21 and will develop new regulations to reduce “regulatory burden.”</p> </article> <article id="topic-article"> <div class="date-time" data-time="2025-02-27T16:03:29.000-05:00"></div> <h1><a href="/news/2025/feb/phish-smish-and-spear-phish-irs-releases-2025-dirty-dozen.html">Phish, smish, and spear phish: IRS releases 2025’s Dirty Dozen</a></h1> <p>The annual list, which began in 2002, lists 12 ways scammers try to gain confidential information from tax professionals or trick taxpayers.</p> </article> <article id="topic-article"> <div class="date-time" data-time="2025-02-26T07:41:43.000-05:00"></div> <h1><a href="/news/2025/feb/acting-irs-commissioner-steps-down.html">Acting IRS commissioner steps down</a></h1> <p>The agency’s COO will take over for Douglas O’Donnell, who has worked for the IRS since 1986.</p> </article> <article id="topic-article"> <div class="date-time" data-time="2025-02-20T10:00:07.000-05:00"></div> <h1><a href="/news/2025/feb/thousands-of-workers-in-irs-small-business-division-to-lose-jobs.html">Thousands of workers in IRS small business division to lose jobs</a></h1> <p>An email sent to managers on Wednesday said that more than 3,500 probationary workers in the Small Business/Self-Employed division are expected to be notified Thursday that they are no longer employed with the IRS.</p> </article> <article id="topic-article"> <div class="date-time" data-time="2025-02-19T13:13:32.000-05:00"></div> <h1><a href="/news/2025/feb/boi-injunction-lifted-fincen-promises-30-day-filing-delay.html">March 21 BOI reporting deadline set; further delay possible</a></h1> <p>A FinCEN alert said it would provide an update before “any further modification” of the reporting deadline, “recognizing that reporting companies may need additional time to comply with their BOI reporting obligations once this update is provided."</p> </article> <article id="topic-article"> <div class="date-time" data-time="2025-02-16T16:46:00.000-05:00"></div> <h1><a href="/news/2025/feb/aicpa-urges-irs-to-meet-needs-of-taxpayers-preparers-during-filing-season.html">AICPA urges IRS to meet needs of taxpayers, preparers during filing season</a></h1> <p>"Americans deserve a fully functioning agency that can be respected by taxpayers and their preparers," a statement by AICPA CEO Mark Koziel said Sunday as IRS officials plan for cuts in federal workforce.</p> </article> <article id="topic-article"> <div class="date-time" data-time="2025-02-12T18:40:05.000-05:00"></div> <h1><a href="/news/2025/feb/boi-reporting-deadline-extension-passes-us-house.html">BOI reporting deadline extension passes US House </a></h1> <p>The bill, which provides a deadline of Jan. 1, 2026, for an estimated 32 million small businesses to file beneficial ownership information reports, comes as the BOI requirements are mired in court cases.</p> </article> <article id="topic-article"> <div class="date-time" data-time="2025-02-12T14:51:52.000-05:00"></div> <h1><a href="/news/2025/feb/lower-auto-depreciation-limits-issued-for-first-time-in-at-least-3-years.html">Lower auto depreciation limits issued for first time in at least 3 years</a></h1> <p>The IRS issued the 2025 depreciation limitations for passenger vehicles, including those for which bonus depreciation is applied.</p> </article> <article id="topic-article"> <div class="date-time" data-time="2025-02-07T12:55:00.000-05:00"></div> <h1><a href="/news/2025/feb/boi-penalties-increase-while-reporting-rules-remain-on-hold.html">BOI penalties increase while reporting rules remain on hold</a></h1> <p>The Financial Crimes Enforcement Network list includes inflation-adjusted amounts for the civil monetary penalties for violating beneficial ownership information reporting rules.</p> </article> <article id="topic-article"> <div class="date-time" data-time="2025-02-07T10:00:00.000-05:00"></div> <h1><a href="/news/2025/feb/boi-smith-case-fincen-motion-to-stay.html">FinCEN hints at BOI reporting changes in court filing</a></h1> <p>If an injunction is lifted, FinCEN will extend BOI filing deadlines for 30 days and reassess the types of companies required to file beneficial ownership information reports, the government said in its filing in a Texas case.</p> </article> <article id="topic-article"> <div class="date-time" data-time="2025-02-05T18:58:00.000-05:00"></div> <h1><a href="/news/2025/feb/critical-tax-season-irs-workers-receive-later-date-for-resignation-program.html">IRS delays resignation offer for critical tax season workers</a></h1> <p>IRS employees received an email Wednesday advising them that workers in “critical filing season positions” must work until mid-May.</p> </article> <article id="topic-article"> <div class="date-time" data-time="2025-02-01T05:00:00.000-05:00"></div> <h1><a href="/issues/2025/feb/fbar-penalties-are-not-extinguished-upon-taxpayers-death.html">FBAR penalties are not extinguished upon taxpayer’s death</a></h1> <p>FBAR penalties accrue on the date the FBAR form is due, not the date the penalty is assessed, a district court held.</p> </article> <article id="topic-article"> <div class="date-time" data-time="2025-02-01T05:00:00.000-05:00"></div> <h1><a href="/issues/2025/feb/frivolous-tax-return-penalty-sustained.html">Frivolous-tax-return penalty sustained</a></h1> <p>The Tax Court found all requirements of Sec. 6702(a) were met regarding the taxpayer’s zero-wage and -income return.</p> </article> <article id="topic-article"> <div class="date-time" data-time="2025-02-01T05:00:00.000-05:00"></div> <h1><a href="/issues/2025/feb/line-items.html">Line items</a></h1> <p>Final regs. modernize process for sale of taxpayers’ property ... Inflation adjustments to retirement account limits issued for 2024 ... IRS to end automatic penalties for late filing of foreign gift, bequest forms ... 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